Another miraculous overnight recovery has eliminated all the bearish aftertaste from the failed Italian referendum. As Guillermo Sampere of MPPM EK put it: "After Brexit, it took three days for markets to shake it off, with Trump it took three hours, with Italy it took three minutes.The fast money, who expected markets to fall further with this outcome, are now covering their positions."

"Across numerous countries, including Australia, Britain, the Netherlands, New Zealand, Sweden and the United States, the percentage of people who say it is “essential” to live in a democracy has plummeted, and it is especially low among younger generations."

Debt reduction and the visible reduction of what is seen internationally as overbearing statism in the U.S. economy will be critical to building back long-term U.S. global capabilities. The U.S. has not seen such an opportunity for strategic reversal since the Reagan Administration. But only if the incoming Administration adheres to the principles which won it the election, and avoids the compromises which the bureaucratic base of government will attempt to force on it to avoid disruption of the status quo.

Whatever the contours of Trump’s China/Asia foreign policy, Eurasian integration will proceed unabated. TPP – or NATO on trade, the Asian version - is just a scalp in a long and winding road. And on the South China Sea, dialogue is slowly edging out the confrontation fomented throughout the Obama administration.

Regardless of your personal views on these people, they are some of the most powerful and connected financial insiders in the world. The fact that they are openly calling for a cash ban tells us that a campaign in the US is already underway.

More of the same this morning as the dollar extended its advance on the still undeteremined Trump reflationary policy measures after Yellen signaled an interest-rate hike could be imminent, while bond yields around the globe rose again, metals declined, European stocks advanced and futures were modestly in the red just shy of all time highs.

The dollar pulled back from close to 14-year highs on Tuesday, US and euro zone government bond yields fell and the price of copper tumbled as traders cashed in gains from a rally fueled by Donald Trump's victory in the U.S. presidential election. Was that it for the Trump "reflation rally."

As markets continue to digest the implications of the US election outcome, there is a host of data and Central Bank communication adding to the running narrative with Fed speakers appearing on every single day of the week. In addition to barrage of daily Fed speakers, including Chair Yellen, we get US inflation data, retail sales, housing data, empire manufacturing, industrial production and the Philly Fed.

A major earthquake whose, initial reported magnitude of M7.5 was initially lowered to M6.6, only to rise up to M7.8 in the latest USGS estimate, struck central New Zealand northeast of Christchurch just after midnight, or 12:02am local time on Monday, (1102 GMT Sunday), the U.S. Geological Survey said, generating a tsunami that hit the northeast coast of the South Island.